Emporia Area Chamber of Commerce and Convention & Visitors Bureau Rent or Own Housing Facts. True or False May & June 2017 should be prepared for upfront and repairs on an “almost new” costs of a deposit (typically one home add up quickly. month’s rent) when they sign 1. Short term, it’s generally cheaper to rent than own. 2. Long term, renting saves you money because you don’t pay property taxes. 3. Renter’s insurance covers everything Home Owner’s insurance covers. 4. Renters have the right to withhold rent if landlords don’t maintain the property. 5. Homeowners should set aside 3% of the value of their home for major repairs. 6. A good rule of thumb is not to buy unless you expect to stay in one place for at least ten years. Answers: 1. True mostly. In a strong housing market, home owners may be able to sell for as much (or almost as much) as they have invested in the home. Renters 821 Commercial Street Emporia, Kansas 66801 (620) 342-2122 15 the contract and may also be air conditioner and furnace units required to pay the first and last in a new three-bedroom home month’s rent on the day they may last 20 years or only five. take possession. Replacement costs could easily be $5,000 to $7,000. 2. False mostly. Landlords pass along their costs for 6. Mostly true but market resale maintenance, insurance, values very widely. Find a taxes, marketing and legal fees local realtor you trust and visit whenever the rental market will bear the price of increasing rents to cover most costs. 3. False. Renter’s insurance with them about your personal options. HCCI recommends these websites only covers your personal for additional information. Two possessions. Home Owner’s of the websites target women and insurance covers both the HCCI lists these websites because dwelling and the home owner’s 70% of people calling HCCI with possessions. questions are women. 4. False. Kansas law clearly states www.hcci-ks.org Housing and Credit Counseling, Inc. that renters must pay rent on time and in full each month. www.WIFE.org Women’s Institute for Financial Education Withholding rent in an attempt to leverage repairs (for example) could result in the landlord Example: “builder’s grade” www.wiserwomen.org Women’s Institute For A Secure Retirement issuing an eviction notice. 5. True. Even replacement costs Find us on Facebook!